& All & Fees & Local & Central \\
 \cmidrule(lr{0.5em}){3-5} 
 & (1) & (2) & (3) & (4) \\ \midrule
\hspace{0.1cm} Registered ($\beta^{OLS})$&     0.17\sym{***}&    -0.01         &     0.05\sym{**} &     0.17\sym{***}\\
                &   (0.04)         &   (0.01)         &   (0.02)         &   (0.05)         \\
\midrule
\hspace{0.1cm} $\widehat{\text{Registered}}$ ($\beta^{IV})$&     0.48         &     0.22         &     0.04         &     0.51         \\
                &   (0.37)         &   (0.23)         &   (0.25)         &   (0.38)         \\
                &   [0.18]         &   [0.39]         &   [0.88]         &   [0.16]         \\
\midrule DV Mean&     0.19         &     0.05         &     0.05         &     0.13         \\
FS F-statistic  &     11.3         &     11.3         &     11.3         &     11.3         \\
\midrule
$\rho$(Wealth, DV)&     0.36&     0.04&     0.28&     0.42\\
\midrule
Observations    &     1570&     1570&     1570&     1570\\
